MUMBAI: Mumbai: Reliance Brands Ltd, a subsidiary of Reliance Industries Ltd, acquired British toy retailer Hamleys for £67.96 million (about ₹620 crore) in an all-cash deal, the company said on Thursday. Reliance Brands signed an agreement to acquire a 100% stake in Hamleys Global Holdings Ltd from Hong Kong-based C.banner International, Reliance Industries said in a statement. Mint reported on 18 April that Reliance Brands was in advanced talks with C.banner to acquire the toy retailer. In India, Reliance Retail has the master franchise for the brand and operates 88 stores across 29 cities. Darshan Mehta, president and CEO of Reliance Brands, said Thursday, “This worldwide acquisition places Reliance on the frontline of global retail.

Source: Mint May 09, 2019 16:10 UTC